Dubai Silicon Oasis Authority, Union Coop sign investment contract to establish commercial center worth AED94 million
Move to enable retail pioneer to serve the community better and expand its reach
UAE, Dubai: 27 August, 2018: Retail pioneer Union Coop signed an investment contract with Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), to establish a commercial center worth an estimated AED94.442 million.
The investment contract was signed by Dr. Juma Al Matrooshi, Deputy CEO for Operations and Client Affairs at DSOA, and Mr. Khalid Humaid bin Diban Al Falasi, CEO of Union Coop, in the presence of Eng. Madiya Al Marri, Director of the Properties and Projects Division, and Mohammed Al Marri, Director of the Business Development Section at the Properties and Projects Division at Union Coop.
Speaking about this new development, Dr. Al Matrooshi said: “In line with its efforts to develop an integrated community, DSOA is keen on attracting investment opportunities that contribute to the diversification of services available to its residents. The new Union Coop commercial center will be a quality addition to the retail offering at DSO.”
Mr. Al Falasi said: “In a bid to achieve our expansion goals, we are always looking for investment opportunities, in form of both purchase and lease of land, that will allow us to supply the community with a wide range of products at competitive prices and maximize shareholder returns in the long run.”
He added: “We have signed a renewable 30-year investment contract with DSOA to open a 141,589 sq. ft. commercial center that will meet the needs of the residents of DSO and the neighboring areas. We have purchased land from DSOA at a total cost of AED5 million within the framework of our community contributions.”
The commercial center will comprise a partial basement reserved for car parking, and a ground floor with a number of shops and 250 parking spaces. The first floor will house a Union Coop hypermarket spanning 60,500 sq. ft.
About Union Coop
UNION COOP is registered as a consumer cooperative in the Emirate of Dubai by virtue of the Ministerial Resolution No. 2/31 dated May 24, 1982, issued by the Ministry of Labour and Social Affairs. It is also registered with the federal authorities under No.12 in the records of the Cooperatives Department.